Sanbumi Holdings Bhd has, via its wholly-owned subsidiary Sanbumi Sawmill Sdn Bhd, entered into a joint venture agreement with Iconic Development Sdn Bhd to construct and develop a RM127 million commercial development project called Iconic Point, located in Simpang Ampat, Seberang Perai Selatan.

The project will be developed on a freehold 8.7-acre landbank that was acquired by Iconic in 2018. It is expected to be completed by June 2021.

It comprises 48 units of three-storey semi-detached shop-offices; a three-storey detached shop-office; a four-storey 48-room boutique hotel; and three units of two–storey drive-thru concept detached shops.

Sanbumi managing director Datuk Chua Tiong Moon said the joint venture agreement with Iconic is in tandem with Sanbumi’s diversification strategy into the property development sector.

To fund the proposed development, Sanbumi also proposed an issuance of 57.32 million new redeemable convertible preference shares and a special issue of up to 74.7 million new shares.

Based on an indicative issue price of 29.5 sen per special issue share, the proposed special issue of shares is expected to raise up to about RM22.04 million.

Source: TheSunDaily.my

A big data system is needed to solve property overhang issue in Malaysia, Housing and Local Government Minister Zuraida Kamaruddin said, adding that such a system will be a ‘game changer’ for the local property industry.

She said the lack of a big data system has hindered the government in understanding the local housing needs.

“Rest assured that we are working on establishing the big data system as outlined in the National Housing Policy 2.0,” she said in her keynote address at the Financing Affordable Housing across Asia Conference here today.

“Once we have this system up and running, we can consolidate the data to see where we are now and allow us to make future projections for housing development, in terms of property type, price and location. This will also be helpful in solving the property overhang issue.”

Data from the Valuation and Property Services Department shows as of September 2018, there are a total of 30,115 unsold residential units amounting to RM19.5 billion in value across Malaysia.

Zuraida said the government is currently in discussion with several international agencies to invest into the local housing market.

She stressed however that these agencies will be participating as financiers to the finished products instead of being developers.

“We are currently in discussions with entities from China, South Korea and Middle East with Cagamas Bhd as a conduit and administrator to the deal,” she said.

“These entities will be able to provide financing schemes to potential buyers at the completion of a project which usually runs between three to five years,” she said.

When asked further, Zuraida said she is keen to secure several memorandum of understandings (MoU) to this end in 2019 itself.

“Even if we secure a deal with these entities this year, it wouldn’t be until three to five years till these entities can come up with financing schemes, as they need to wait for the completion of the project,” said Zuraida.

Zuraida said she will most likely accompany Prime Minister Tun Dr Mahathir Mohamad to the Belt and Road Forum in Beijing, China at the end of this month.

“I am looking forward to go to the forum and hopefully will be able to identify three to four agencies to sign MoU with us there,” she said.

Source: NST Online

Newly-appointed Penang Port Commission (PPC) chairman Jeffrey Chew Gim Eam has in his maiden media conference called for a request for proposal (RFP) for the sunken Tanjung City Marina site adjacent to Swettenham Pier Cruise Terminal.

The Tanjung City Marina is an abandoned marina off Weld Quay located within the heritage enclave.

Built in 2005 before being closed down a few years ago, the marina was used to be a place for boats and yachts to berth.

Speaking to reporters in his office after beginning his duty three weeks ago, Chew said the RFP proposal is opened to any bidders, with creative ideas, to come forward.

He, however, said those interested companies must comply with guidelines provided as the place is located in the heritage zone.

“Any project proposals for site will be fully considered,” he said, adding that they need to comply with heritage requirements.

The RFP process for Tanjung CIty Marina begins today until Dec 11.

Apart from the marina, Chew also announced RFP for another two parcels of land along Jalan Anson and Jalan Chain Ferry in Butterworth.

Bidders can apply for RFP from today until July 11 by contacting Nor Effendi Abd Hamid at 04-2633211 for more details of RFP.

Location Map:

Source: Buletin Mutiara

Join Jayamas Property for an exclusive preview of MARC Residences & Service Apartment on 6 & 7 April (10AM – 5PM) and be the first to experience the luxury condo at Jalan Song Ban Keng.

The event will also feature kids corner and wine service. Light refreshment will be served.

Venue:
 11, Jalan Casa Residensi,
Pusat Perniagaan Casa Residensi,
14000 Bukit Mertajam, Penang

Exclusive video

Iconic Point, a joint venture commercial development between Sanbumi Holdings Bhd and Iconic Development Sdn. Bhd. at Simpang Ampat. Strategically located along Ipoh-Butterworth federal road, just a stone’s throw away from Pearl City township development by Tambun Indah. It’s about 25 minutes drive to both Penang bridges.

Intended to replicate the success of the Icon City at Bukit Tengah, this development will feature 48 units of three-storey semi-detached shop-offices; a three-storey detached shop-office; a four-storey 48-room boutique hotel; and three units of two–storey drive-thru concept detached shops. Ample parking bays will be allocated around the units to ensure convenient for visitors.

More details to be available upon official launch.

Project Name: Iconic Point
Location: Simpang Ampat, Penang
Property Type: 3-storey shop offices
Tenure: Freehold
Total Units: 49
Built-up Size: (to be confirmed)
Indicative Price: RM2.5mil onwards.
Developer: Iconic Development & Sanbumi Holdings Bhd.

Location Map: